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Eaglewood Ubuntu Well Delayed

CALGARY, ALBERTA--(Marketwire - Oct. 14, 2010) - Eaglewood Energy Inc. (TSX VENTURE:EWD) ("Eaglewood") announced that due to delays related to weather, barge scheduling and helicopter operations, the mobilization of the drilling rig to be used to drill Eaglewood's Ubuntu well on its PPL 259 license will take longer than originally anticipated. The previously announced spud date of October 23, 2010 now appears unlikely to occur prior to mid-November. The final barge load from Kopi is now expected to arrive at Eaglewood's staging area in Drimdenasuk at the end of October. All equipment and personnel for the drilling operation must then be flown to the Ubuntu locations, approximately 65km from Drimdenasuk.

CEO Brad Hurtubise commented: "Weather and logistical delays are a fact of life when conducting operations in remote areas of a country like PNG. We are disappointed with the delays but are excited to begin drilling in this License."

Forward-Looking Statements

Certain statements contained in this press release, such as statements relating to the existence of any hydrocarbons or planned exploration and evaluation activities, may constitute forward-looking statements. These statements relate to future events or the Corporation's future performance. All statements, other than statements of historical fact, may be forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors as actual results may vary. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement. In particular, this press release contains forward-looking statements, pertaining to timing of commencement of drilling operations.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.